Bears Stand their Ground

The last four trading sessions have been daunting ones for market participants on D-Street. Though the positive global cues and an impressive set of numbers on most fronts by ICICI Bank aided the sentiment and helped the NSE benchmark Nifty 50 to surpass its last week’s high, it failed to sustain at higher levels. This has been the trend and it closed lower from the day’s high. This trend of closing lower from the opening as well as from the day’s high along with negative breadth definitely gives an indication that the bears are not throwing in the towel despite the tailwinds and that it was only a matter of time before the bears would land a knockout punch.